SUIJS, JEROEN - In: Journal of Accounting Research 46 (2008) 5, pp. 1297-1321
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper considers an overlapping generations model where investors trade in a firm's stock. Investment risk is partly determined by the volatility of the stock price at which current investors can sell their shares to the next generation of investors. It is shown that asymmetric...